Bank Has ‘First Material Breach’ Defense

On remand from the federal appeals court of this lawsuit by SunTrust Mortgage against United Guaranty for breach of a mortgage insurance contract, the Richmond U.S. District Court holds that SunTrust has proven its affirmative defense under Virginia’s “first material breach doctrine” to United Guaranty’s counterclaim for additional premiums.
The 4th Circuit affirmed this court’s decision ...